Zip partnered with Stripe to promote BNPL's services
Zip partnered with Stripe to promote BNPL's services
Zip, a leading player in the Buy Now, Pay Later (BNPL) industry, announced a strategic partnership with Stripe, one of the world's largest payment processing platforms. This collaboration will enable online retailers using Stripe to offer Zip's BNPL services, giving customers the ability to pay for their purchases in four installments over a six-week period.
The new partnership marks another important collaboration for Zip as the company continues to expand its presence in the competitive BNPL market, Paymen Dive reported.
Zip, headquartered in Australia and with a significant presence in the United States, has been rapidly expanding its presence through a number of strategic partnerships. The recent agreement with Stripe, announced last week, follows similar deals with Mastercard and Google Pay, positioning Zip as a formidable competitor in the BNPL space alongside giants such as Affirm, Klarna, Afterpay and Sezzle.
“This partnership is in line with what we are already doing in Australia,” George Eliopoulos, Zip's chief commercial officer, said in a recent interview. “Stripe's platform will now integrate Zip as one of its payment options, increasing payment flexibility for online merchants and their customers.”
Zip and Stripe are currently in the “testing and integration” phase to ensure full compatibility between Zip's BNPL service and Stripe's payment processing platform. Eliopoulos expressed confidence that the partnership will be fully operational by the end of the year, with a primary focus on online merchants.
Adding Stripe to Zip's growing list of partners is a significant step for the company, which is taking strategic steps to increase its market share in the United States. Last year, Zip partnered with Mastercard to allow cardholders to use BNPL services, and in December, Google added Zip to its Google Pay digital wallet.
These partnerships are designed to expand the distribution and availability of Zip's BNPL services, making it easier for consumers to choose flexible payment options at checkout. Eliopoulos hinted that Zip isn't done expanding its partnerships, though it didn't reveal any upcoming collaborations.
The BNPL market is becoming increasingly crowded, with numerous fintech companies vying for consumers' attention. However, Zip's strategy of teaming up with major players such as Stripe, Mastercard and Google Pay positions the company as a strong competitor in the industry.
As Zip continues to form partnerships with key players in the payments sector, the company is poised to offer its BNPL services to a wider audience, further strengthening its position in the global market. This latest partnership with Stripe is expected to increase the reach and appeal of Zip's services, making them a more attractive option for both online merchants and consumers looking for flexible payment solutions.
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